Connect with us

Business

Dollar shoots up again, Central Bank intervenes on forex market

Published

on

Dollar shoots up again, Central Bank intervenes on forex market

The US Dollar shot up by 2.59% to reach Rs45.50 on Wednesday August 10 from Rs44.35 in the previous trading session.

This pushed the Bank of Mauritius to intervene on the domestic foreign exchange market and sell a total amount of USD10.0 million at the rate of Rs44.50/USD.

Dollar shoots up again, Central Bank intervenes on forex market

However, at the current trend and notwithstanding further interventions from the Central Bank, the USD could trade at Rs46.92 by the end of this quarter and hit Rs50.29 in 12 months time, according to analysts.

This would entail a new cascade of price hikes, exacerbating the loss of purchasing power.

Latest figures from Statistics Mauritius show that Year-on-year inflation worked has risen to 11.0% in July 2022 from 6.5% in July 2021.

Headline inflation for the 12-months ending July 2022 worked out to 8.4%, compared to 2.6% for the 12-months ending July 2021.

The USD reached an all time high of 46 in June of 2022.

The Consumer Price Index (CPI) increased by 1.9 points or 1.6% from 122.1 in June 2022 to 124.0 in July 2022.

The two main contributors to the change in the index were cooking oil and powdered milk.

Bookmark (0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.